Gettry Marcus CPA, P.C., a leading audit and forensic accounting firm, reveals issues that are caused by an auditor who turns in a deficient employee benefit plan audit in 2014.

Any auditor can say they know employee benefit plans, but many companies that have experienced issues with their recent audit know that claim is not always true. If not careful, a deficient audit could result in significant financial ramifications in 2014 and beyond.

When it comes to an employee benefit plan audit, a company should look for quality and dependability. One of the most common reasons an auditor's report is found deficient is because the auditor failed to perform tests that are unique to this type of audit. In fact, an auditor may view the audit as a means of fulfilling reporting requirements instead of seeing it for what it should be: a means to protect the company’s fiduciary responsibilities.

Gettry Marcus CPA, P.C., an audit and business valuation firm, discusses common issues that companies run into when it comes to employee benefit plan audits.

You thought your employee benefit plan audit would go smoothly. Instead, you got an unanticipated and unwanted surprise because the auditor did not perform tests unique to employee benefit plans.

You expected your audit would be completed on time. Instead, you had to pull additional data just before the filing deadline.

You hired an auditor you thought could do the job. Instead, you received a letter from the Department of Labor notifying you of the many deficiencies in the audit.

Gettry Marcus CPA, P.C. is a Top 200 firm nationally with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients’ businesses, to better understand their goals and problems and to help them attain the vision they have for their company.